First-Time Home Buyer Q&A: Buying a Home with Bad or Bruised Credit

First-Time Home Buyer Q&A - Quicken Loans Zing Blog

There was a lot of great information for first-time home buyers in our recent First-Time Home Buyer Q&A Google Hangout. One of my favorite discussions was about buying a home with bad or bruised credit. It’s a situation that’s all too familiar for many first-time home buyers for a variety of reasons.

Regardless, many people with less-than-perfect credit still want to buy homes. So what can you do if you’re in that boat? Here’s a clue: Watch the video below to find out!

Mike Berris of Quicken Loans, Katie Bushor of Quizzle and Margo Willis of the National Association of REALTORS talk about how credit scores can affect your mortgage and what you can do. The bottom line: Credit scores are fluid and can always rise. Here’s what our three experts had to say about buying a home when your credit score isn’t where you want it to be:

  •  Berris suggests using online programs to improve your credit, such as Fresh Start from Quicken Loans.
  • Bushor recommends monitoring your credit utilization. She said you should make sure you don’t use too much of your credit at one time, because this can drop your score. Plus, she talks about how Quizzle offers programs to help you improve your credit score.
  • In addition, Willis recommends, regardless of credit, that you establish a relationship with a realtor. Your realtor can help you work out any issues with lenders and make sure you’re ready to go as soon as your credit gets to the point where you can qualify.

Finally, here’s a bit of advice from me. The two best loans for folks with lower credit scores are VA loans (if you’re a veteran or active military member), and FHA loans.

Enjoy the video. Let us know if you have any questions or advice for anyone buying a home with bad or bruised credit.

 

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